Second largest money transfer network in the world Fast (but often expensive) money transfers
MoneyGram is the second-largest money transfer company in the world (after Western Union), allowing people to send and receive cash within minutes in over 350,000 agent locations across the world. You can also send money on MoneyGram.com or through the MoneyGram mobile app in the US, the UK and Germany, using a debit card, credit card or bank account (US only). In certain countries, your money transfer can be deposited to your recipient’s bank account, mobile wallet or prepaid card; or delivered in cash directly to your recipient’s home.
The company’s large network of agent locations and its availability both online and offline make it a highly convenient service which covers the needs of most people. Its size and long track record also guarantee that your money is safe when sending it with MoneyGram. The downside is that sending MoneyGram can be expensive, as the service can have higher fees and poorer exchange rates than those of specialized online providers.
Moneygram has very bad reviews on Trustpilot, with 84% of the 74 customers who have given their feedback rating the company 1 star out of 5. Here is what MoneyGram’s customers have to say:
Note: Moneygram is not inviting its users to share their experience with Trustpilot which could partially explain the extremely high proportion of bad ratings. The 1/10 rating might not be representative due to the low number of reviews.
Until 2017, MoneyGram International Inc. was a publicly-traded company on the Nasdaq Stock Market with a $680 million market capitalization. It was then acquired by the Ant Financial Services Group, the payments arm of the Chinese e-commerce group Alibaba. Ant Financial is an enormous company, powering the majority of online payments in China and valued at $60 billion at the time of its acquisition of MoneyGram. Working together as one with Ant Financial will significantly strengthen MoneyGram and its ability to build a robust global corporation.
MoneyGram has close to 3000 employees worldwide, the majority of which are located outside the US in the 30 countries where the company has offices. With a track record of close to 80 years, the company has acquired and demonstrates a significant expertise in the money transfer industry. MoneyGram has built its reputation through the quality of its service, which provides a convenient and safe way to send money to or from nearly every country in the world. The MoneyGram brand is recognized and trusted globally, thanks in part to its network of agent locations which, apart from Western Union’s, is unmatched by any of its competitors.
MoneyGram is subject to a wide range of laws and regulations of countries around the world. MoneyGram is licensed in all 50 US states, as well as in the District of Columbia, Puerto Rico, the U.S. Virgin Islands and Guam. In the UK, MoneyGram is licensed as an Authorized Payment Institution under the European Union Payment Services Directive, which allows MoneyGram to provide payment services throughout the European Economic Area. Many other jurisdictions which MoneyGram operates in impose licensing or other regulatory requirements. These include minimum capital requirements, compliance with operational procedures, agent oversight and maintenance of reserves, and are are specifically designed to protect consumers’ funds. MoneyGram takes its regulatory compliance very seriously, and invest on average $50 million a year into its compliance program.
So, is MoneyGram safe to use? Absolutely. MoneyGram couldn’t be the second largest money transfer provider in the world if it didn’t adequately protect its customers’ funds.
|Time to open an account||A few minutes|
Cash home delivery
|Can you transfer from your mobile?||Yes|
|Advanced currency contracts||No|
|Required documents||ID, Proof of Address|
|Type of service provider||Global money transfer operators|
|Headquarter||Dallas, Texas, United States|